Gold soared to an all-time high of Rs 1,12,750 per 10 grams on October 3, 2023, driven by strong global trends and expectations of more rate cuts from the US Federal Reserve. The surge reflects heightened demand for safe-haven assets as investors brace for economic uncertainties.<\/p>\n
On the Multi Commodity Exchange (MCX), gold futures for October delivery climbed Rs 520 or 0.46%, hitting a new peak. Similarly, the December contract also reached a record, rising Rs 530 to Rs 1,13,750 per 10 grams.<\/p>\n
Silver also marked significant gains, with December futures rising Rs 461 or 0.34% to a high of Rs 1,34,016 per kilogram. The March contract for silver reached Rs 1,35,397 per kg, showing the strong upward momentum in the precious metals market.<\/p>\n
Analysts attribute this rally in gold to various factors, including the recent rate cut by the Federal Reserve and potential future easings. The global geopolitical climate\u2014marked by ongoing tensions around the Russia-Ukraine conflict and instability in the Middle East\u2014also shifted investor preferences towards gold.<\/p>\n
Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd, noted, \u201cGold and silver are surging without signs of a slowdown. The metals are achieving record highs due to a combination of safe-haven demand and central bank purchases.\u201d<\/strong> Kalantri also pointed to a weaker dollar index and a depreciating rupee as contributors to rising domestic bullion prices.<\/p>\n The Federal Reserve\u2019s recent 25 basis point rate cut has significantly impacted market sentiment. Jigar Trivedi, Senior Research Analyst at Reliance Securities, commented, \u201cWith expectations of more rate cuts, gold reached unprecedented levels. Traders are factoring in almost two additional rate reductions.\u201d<\/strong> The overall economic climate, characterized by a weakening labor market, further supports this bullish sentiment.<\/p>\n In international markets, gold futures for December delivery hit a record value of USD 3,794.82 per ounce, underlining the robust performance of precious metals on a global scale.<\/p>\n Moreover, Trivedi emphasized, \u201cInvestors are eagerly awaiting statements from Fed Chair Jerome Powell on the economic outlook. The upcoming Personal Consumption Expenditures price index release will also provide insight into future monetary policies.\u201d<\/strong><\/p>\n Despite high prices, investor caution remains minimal due to persistent geopolitical risks. Market participants recognize the sustained demand for gold driven by global tensions and economic uncertainties related to inflation and interest rates.<\/p>\n As these factors coalesce, the gold market shows no signs of retreat. Investors continue to actively engage in gold and silver purchases, emphasizing gold\u2019s status as a go-to asset in turbulent times.<\/p>\n This ongoing trend highlights not only the resilience of precious metals but also the growing unease in global markets as traders position themselves for potential shifts ahead. (PTI)<\/p>\n","protected":false},"excerpt":{"rendered":" Gold price soared to an all-time high of Rs 1,12,750 per 10 grams as global cues and Fed rate cut expectations drive demand. Analysts cite geopolitical tensions as a key factor.<\/p>\n","protected":false},"author":1,"featured_media":4791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-4792","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-national"},"yoast_head":"\n